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REDEVELO MENT COMMISSION MEETING MINUTES NOVEMBER 4, 1977 PAGE THREE 4. COMMUNICATIONS (CONT'D been completed with the exception of the replacing the defective plain and brown concrete. Mr. Hickey indicated that the core samples authorized by the Commission to discover the fault of the spa ling concrete showed that the air content did not meet the specifications and would be replaced at the expense of the Hickey Company. Mr. Hickey also indicated that they were having difficulty in locating the colored additive for the brown concrete and were expecting to receive some the week of October 31. This work is anticipated to be completed before the advent of bad weather but if this cannot be done it will be completed in the Spring of 1978 Mr. Nimtz directed that this letter be received and placed on file. b) Letter from Richard A. Kaiser, HUD, Assistant Regional Administrator from Chicago of Community Planning and Development subject the requisition for project capital grant progress payment Mr. Brownell reported to the Commission that we have project notes coming due on December 16. The amount is $4,150,000.00 and the interest is $85,822.00. We have on deposit $441,830.00 from the sale of land and the relocation payment of $321,479.00. We also have on deposit $93,647 from capital grant funds. The CD funds they put through as a reserve which will be allocated to this payment amou is to $1,100,000.00 and leaves a balance of $2,193,044.00. To round it off, HUD added back $1,956.00 leaving a balance of $2,195,000.0( to bD sold in notes on December 16. Mr. Wiggins asked what the interest item of $85,822.00 was and Mr. Brownell indicated it was 2.82% on this amount of money from the time we issued the notes until the 16th of December. Ms. Derbeck asked if that was included in the $4,150,000.00 to w ich Mr. Brownell said no that is additional money and that is in o r line item budget with CD. Mr. Brownell added that this did not aave anything to do with the $2.1 Million in urgent needs, that thes are project notes that we have to pay off by going through a trust company in New York. We are selling new notes in the amount of $2,1)5,000.00 and after estimating the interest, because the rates won' be known until after the bids are received, at approximately 3% f r eight months it could be $43,900.00. We should have a close out apital grant balance of $957,313.00 leaving a balance of $1,237,000.00. The relocation balance should be $445,978.00 leaving a balance of $791,709.00. We have $186,553.00 surplus out of the R -57 close out which ought to bring us down to $605,156.00 and we have a close out of $35,000.00 from A -10 surplus. We had to pay out some accounts receivable for A -10 which leaves a balance of approximately $13,000.00 which will reduce the note balance to $592,156.00. The Capital Grant and relocation is money held back, or if we pay the money to HUD they will reimburse us so it will come out the same. The balance will be paid out of CD funds which is less than 20% of our annual allowance or from the sale of real estate if we sell real esta e, whichever it turns out to be. Mr. 1imtz ordered this letter received and placed on file.